Harris Associates
Harris Oakmark International Small Cap Strategy
International Small-cap
Jun 2025 → Jun 2025
Our archive holds 1 letter from this strategy, behind 5 investment theses and positions in 9 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year · follow all of Harris Associates for every strategy.
What it bought and sold
We initiated the following position(s) during the pe- riod: • Amplifon is the world's largest hearing aid re- tailer.
We eliminated the following position(s) during the period: • Babcock International
Also held
- Azelis Group
- Atea
- BNK Financial Group
- iM Financial Group
- Gerresheimer AG
Its investment theses
- AmplifonJun 2025Amplifon is well-positioned for growth in the hearing aid market, benefiting from favorable demographics and a critical retail role despite recent valuation lows.
- Ayala LandJun 2025Ayala Land is the largest private land-owner in the Philippines and an attractive investment opportunity due to favorable demographic trends, a consumption-driven economy, and a strategic shift towards profitable estate development.
- BakkafrostJun 2025Bakkafrost is a leading Nordic fish producer in the niche market of large 6kg salmon, presenting an attractive investment opportunity due to favorable industry dynamics, strategic location, and vertical integration.
- JenoptikJun 2025Jenoptik is a leading provider of high-end optics and photonics solutions, positioned for growth alongside ASML despite current stock undervaluation due to a weak semiconductor cycle.
- Misumi GroupJun 2025Misumi Group is a leading provider of factory automation components that combines in-house and fabless manufacturing, creating a one-stop shop with a broad product offering that is well-positioned to gain market share despite recent undervaluation.